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SportsBet Australia Purchased By Ireland's Paddy Power

Published Wednesday, December 29, 2010 -
Online-Casinos.com

Paddy Power Ireland’s biggest online book maker and gambling operator has completed a deal it started back in 2009. The firm has announced it has bought the remaining shares of the Australian sports betting site SportsBet for an estimated $132 million US dollars. Ahead of schedule Paddy Power had the option of completing the purchase of Sports Bet after it bought a controlling interest in 2009 which had until 2012 to complete the purchase.

Paddy Power had a fifty one percent interest in SportsBet that it gained only eighteen months ago with the cash outlay of $50 million US dollars. Earlier this year in February Paddy Power invested more in SportsBet attaining a serious majority of the shares at over 60 percent. Matthew Tripp, the Chief Executive Officer of SportsBet took the company over for a mere $250,000 US dollars after the firm went bankrupt back in 2005.

Now the company has grown to one of the largest sports betting operations in the land down under with the capability of providing wagering odds for sports events around the globe. The company offers its services for betting on everything from cricket test matches to the professional and college sports events taking place on the North American continent. Paddy Power’s Chief Executive Officer, Patrick Kennedy, saw the huge growth potential in SportsBet back in 2009 when the company acquired controlling interest. A good investment Kennedy revealed to reporters when he made the purchase. Other notable online gambling companies were also looking to buy the burgening sports book. Kennedy commented on the obtaining of the remaining shares, “We were confident that we were investing in a business with strong potential in a growing market,” Kennedy added, “That confidence has been borne out.” This is yet another example of Paddy Power’s shrewd and forward thinking approach to doing business.